Bernstein analysts are confident that is on its way to $150,000 per coin by mid-2025 despite recent market corrections, the broker said in a research report on Tuesday.
The firm cites a shift from sentiment-driven to structurally-driven demand in Bitcoin markets, led by institutional interest and inflows into ETFs. As Bitcoin resumed its upward trajectory after dipping to a low of around $57,000, Bernstein noted the clearing of excess leverage in futures contracts and a positive reversal in ETF outflows.
A major highlight was the Grayscale Bitcoin Trust (BTC) (NYSE:) reporting its first inflow after 78 consecutive days of outflows, a milestone given its impact on market dynamics.
“Bitcoin’s current position at around $64,000 is just the beginning. The structure of the market is far stronger than during the 2021 euphoria at similar levels, largely driven by clear ETF-driven demand,” the report reads.
The…
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